Economy & Finance
64mentions · last 12 months↓
View full analysis →Scrutinising financial services regulation falls within the remit of this Lords select committee, which examines policy, practice, and legislation affecting the regulation of the financial sector. The committee operates in the House of Lords and conducts oral evidence sessions with witnesses from industry, regulators, and expert commentators. Recent inquiries have focused intensively on the emerging UK stablecoins regime, reflecting the rapid development of digital asset markets and associated regulatory gaps. The committee has heard testimony from major fintech firms including Revolut and Circle, alongside payments incumbents such as Mastercard, to understand commercial implementation timelines and competitive implications. Evidence sessions with the Bank of England and blockchain analytics firm Chainalysis have examined the central bank's approach to stablecoins oversight and the technical compliance challenges firms face. The committee's sustained focus on the pace and design of UK stablecoins regulation demonstrates an assessment that this area merits ongoing parliamentary scrutiny as the Treasury and Financial Conduct Authority develop the framework.
22 sessions published in the last 12 months
Click any cell in the heatmap to see the sessions held that day and the insights extracted from them.
432 insights
22 Jul 2026
The committee scrutinised the consumer home and travel insurance markets, focusing on claims decline rates, consumer understanding, the effects of consumer duty, price-comparison websites, standardisation of products, and the industry’s use of AI. Witnesses from Admiral, Aviva and NFU Mutual said low acceptance/decline rates were mainly driven by customer misunderstanding, wear and tear, inadequate cover or excesses, and all three argued consumer duty is now embedded but still driving continuous improvement. They opposed rigid product standardisation, favoured better comparability and standardised reporting, and said the FCA should remain the main collector/publisher of claims data. On AI, they described cautious deployment with human oversight, arguing it can improve productivity, claims handling, fraud detection and hyperpersonalised advice, but warned against layering extra regulation on top of existing burdens and stressed consumers must retain access to humans and regulated firms.
15 Jul 2026
The committee scrutinised consumer insurance regulation, focusing on how consumer duty has changed outcomes, whether comparison websites create conflicts or improve competition, and why claims-performance data remains unavailable to consumers. Witnesses argued that consumer duty has improved transparency and shifted firms towards outcome-based regulation, but said the missing piece is standardised claims data so consumers can judge whether insurance promises are met. The session also highlighted concerns about premium finance costs, unsupported vulnerable customers, age-based exclusion, and the need for FCA action on AI- and LLM-driven financial journeys.
24 Jun 2026
The committee scrutinised why consumers struggle to understand home and travel insurance, why claims are declined, and how the Consumer Duty is affecting conduct across insurers, brokers, comparison sites and outsourced claims handlers. The ABI argued that the Duty has driven clearer wording, better prompts and more oversight, but said further FCA supervision, simplification of rules and more consistent claims data are still needed. BIBA argued brokers improve suitability and claims outcomes, but warned that price-comparison, embedded travel insurance and some distribution channels create detriment and should be examined by the Treasury, FCA and other bodies.
17 Jun 2026
The committee scrutinised consumer harm in home, travel and wider general insurance markets, with Which? and Fairer Finance arguing that price-led comparison-site distribution has driven hollowed-out products, poor claims handling and weak consumer understanding. Witnesses said the FCA already has the tools under the consumer duty but has not enforced hard enough, has been redirected by Treasury growth priorities, and needs more granular data, clearer guidance or new rules. They also pressed for stronger standards on disclosures, claims data, comparison-site duties, and legal changes such as shifting burdens of proof and giving the FCA fining powers for consumer-law breaches.
10 Jun 2026
The committee scrutinised why consumer home and travel insurance often disappoints at claims stage, despite price comparison making purchase easier. Matt Scott argued that consumers need clearer front-end disclosure of key exclusions, claims acceptance and claims-handling speed, while warning that price-led competition and vague policy wording can drive underinsurance and poor understanding. Matthew Brewis, drawing on his FCA experience, said the existing framework under FSMA, ICOBS and the consumer duty is broadly sufficient, but better supervision, enforcement, guidance and oversight of outsourced claims handling are needed; he also pointed to FCA interventions on motor valuation, business interruption, multi-occupancy buildings after Grenfell, storm-damage clarity and ongoing work following the Which? super-complaint. Both witnesses emphasised that consumer understanding, not simply more rules, is the central weakness, though they differed on how far regulation versus enforcement and market practice are to blame.
15 Apr 2026
Parliament scrutinised the Government’s approach to stablecoins regulation, including the design of the crypto assets regime, consumer protection, and how regulation can enable innovation. The Treasury stressed a nimble, internationally competitive regime with consumer-protection foundations, while the FCA outlined its redemption, sandbox, and international-cooperation work. Key concerns included pace versus market readiness, how to define systemic risk, holding limits, and AML/illicit-finance safeguards as the regime evolves.
24 Jun 2026
19 Nov 2025
19 Nov 2025